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Financial Analytics: Science and Experience
 

Specifics of customs tariff regulation during economic sanctions against Russia

Vol. 9, Iss. 13, APRIL 2016

PDF  Article PDF Version

Received: 5 February 2016

Received in revised form: 9 February 2016

Accepted: 25 February 2016

Available online: 15 April 2016

Subject Heading: Economic policy

JEL Classification: F13

Pages: 51-60

Alekseeva T.O. Tver State University, Tver, Russian Federation
tanya101dm@yandex.ru

Importance The article reviews the nature and contents of customs tariff regulation during economic sanctions against Russia.
Objectives The research reveals key difficulties the Russian economy faces due to economic sanctions, and demonstrates how those difficulties may be overcome through regulation of customs tariffs.
Methods The research employs general theoretical and practical methods of analysis.
Results I review how economic sanctions influence the regulation of customs tariffs in the Russian Federation; analyze changes in import and export during the sanctions, indicate issues of, and prospects for outlining measures to improve the regulation of customs tariffs during the sanctions.
Conclusions and Relevance Political pressure on Russia, economic sanctions, drop in oil prices and financial policies are the main factors that influenced the economic position of the Russian Federation. In the current circumstances, methods of customs tariff regulation play the principal role in steering foreign economic activities, and represent a flexible mechanism influencing the nature of import and export in relevant directions. Using customs duties, the State can foster or limit import or export of relevant goods. For import substitution purposes, customs duties should be increased in relation to goods having competitive substitutes manufactured in Russia.

Keywords: sanction, custom tariff regulation, export, import substitution, customs duty

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